Over the last few years, we have steadily built momentum and delivered consistently across our strategic priorities.
MD and CEO's
message
Sunil D'Souza
MD & CEO
Dear Shareholders,
The theme of this year's Annual Report 'Serving more Moments. For Better' reflects our focus on expanding our portfolio and our target addressable market to meet evolving consumer needs. As we progress in our transformation journey, we continue to keep the consumer at the heart of everything we do. Over the last few years, we have steadily built momentum and delivered consistently across our strategic priorities. We have strengthened our brands, honed our Go-To-Market strategy and accelerated innovation. In tandem, we have continued to enhance our future readiness across Digital, Supply Chain and People capabilities. India presents a compelling, multi-decade structural growth story, underpinned by resilient fundamentals and an expanding consumption engine.
FY 2026 was a year that tested agility and discipline in equal measure. I am pleased to report that your Company delivered well on both counts. While measures such as income tax reductions and rationalised GST slabs provided a resilient domestic backdrop by enhancing disposable incomes, the global landscape remained challenging. Shifting tariff regimes and heightened macro-uncertainty challenged traditional supply chains, demanding real-time calibration of our supply chains, cost structures and go-to-market strategies. At the same time, commodity volatility, particularly in tea and coffee, required disciplined decision making and agile execution across sourcing, pricing and blending to protect margins while sustaining competitiveness.
DRIVING CONSISTENT PERFORMANCE THROUGH DISCIPLINED EXECUTION
Our financial performance for FY 2026 reflects the strength and resilience of a well-diversified portfolio. Consolidated revenues crossed Rs. 20,000 crore, registering a growth of 15% year-on-year, with double-digit growth delivered across our India, International and Non-Branded businesses. Importantly, our ‘Growth portfolio’ delivered 24% growth during the year, contributing to 31% of India business.
EBITDA grew 12%, underscoring supply chain agility, calibrated pricing actions, and cost saving measures in a year that was marked by tea commodity inflation in the first half and coffee cost escalation for the US business. The EPS grew 19%, and we concluded the year with a strong cash position, reinforcing our disciplined approach to capital allocation and financial management.
31%
contribution of Growth Businesses to India Business
41%
of India Business is contributed by New Age channels
DELIVERING ACROSS CATEGORIES IN INDIA
The India Tea business navigated a volatile commodity year. An inflationary first half gave way to commodity costs falling in the second half. Throughout, we managed with discipline – calibrating pricing, protecting brand equity and strengthening our cost position.
During the period of elevated commodity prices, we optimised blends, expanded our vendor base and deployed advanced forecasting tools to protect margins. As tea prices moderated in the latter half of the year, we passed on the benefits to our consumers, reinforcing trust and competitiveness in the marketplace. For the full year, performance was largely in line with our mid-to-high single-digit growth guidance. We further continued our leadership position in E-commerce including quick commerce, where we command 38% market share, reinforcing our position in high-growth channels.
The India Salt business delivered outstanding performance during the year. Tata Salt’s ‘Namak ho Tata ka’ campaign deepened brand affinity amongst our consumers.
This was complemented by targeted distribution expansion and focused trade and consumer activations, which contributed to strong volume growth and market share gains.
Our premium salts portfolio, including Himalayan Rock Salt under the Sendha+ brand and Tata Salt Lite, gained encouraging traction, particularly in the Modern Trade and E-commerce channels. This performance reaffirms the long-term premiumisation opportunity within the category and the strength of our enriched product mix strategy.
Our coffee portfolio in India delivered strong growth, supported by expansion in modern trade and E-commerce channels and innovation across formats and price points.
We remain focused on accelerating growth in non-South markets, where the long-term penetration opportunity is significant.
Tata Sampann grew 46%, crossing the ₹ 1500 crore revenue milestone, and delivering a 34% CAGR over five years. The brand has built strong consumer affinity in trust-deficit categories like pulses, spices, cold-pressed oils and dry fruits and is evolving into a full-stack pantry platform with a long runway ahead.
Tata Simply Better expanded its cold-pressed oils portfolio and extended into dry fruit snacking with roasted and flavoured variants, reflecting our strategy to build a differentiated, health-forward offering.
The Ready‑to‑Drink (RTD) business demonstrated resilience amid heightened competitive intensity. Supported by agile execution, the business delivered 20% volume growth, underpinned by strong volume expansion. We have significantly strengthened our portfolio, building a full stack offering across three key pillars- Hydration+, Energize and Recharge, and Brew (Tea/Coffee). Our key brands- Tata Copper+, Tata Gluco+, Tata Coffee Grand and Himalayan mineral water were refreshed with new campaigns, to further strengthen consumer connect and enhance brand relatability. Distribution expansion and sharper market choices are positioning the business for the next phase of growth.
Tata Soulfull continues to mainstream millets - a task that demands both product innovation and category development. The brand now spans multiple categories, thereby expanding its total addressable market. The brand is steadily growing its market presence and continually expanding its digital ecosystem.
Our two recent acquisitions, Capital Foods and Organic India, have integrated into the Tata Consumer ecosystem and continue to strengthen their presence.
Capital Foods, home to Ching's Secret and Smith & Jones, continues to expand its culinary footprint across the country. While the brand presence has historically been stronger in North and West India, we have accelerated our expansion into South and East India during the year through enhanced sampling initiatives, regionalised advertising and focused sales deployment. During the year, we undertook targeted market development initiatives – deploying Taste Ambassadors to deliver live culinary experiences to maximise trial and consumer engagement, tapping into the Korean wave with the launch of our Korean range supported by consumer activations and launching a high impact brand film 'Agent Ching attacks' #AagLagaDe which resulted in strong consumer engagement.
Innovation remains a key growth lever with new product introductions across sauces, convenient formats and adjacent categories.
During the year, the growth was impacted by shifting tariff regime for exports, disruption in the Middle East affecting global shipping towards the end of the year and specific go-to-market (GTM) complexities in the domestic market. In response, we have recalibrated our GTM architecture to ensure granular alignment at the distributor, frontline, and supervisory levels. This intensified focus is designed to unlock market potential and accelerate the growth trajectory for the Capital Foods portfolio.
Organic India delivered robust growth, driven by sustained E-commerce momentum and a rapidly expanding Pharma distribution channel now spanning 50+ cities. The ‘Sirf Naam Se Nahi, Kaam Se Organic’ campaign featuring Sachin Tendulkar meaningfully elevated brand health metrics, building awareness and credibility for the brand's unique positioning.
In the USA, Organic India is building traction in the E-commerce space within the supplements category while simultaneously expanding its brick-and-mortar presence - a channel diversification that strengthens long-term brand resilience.
Our R&D facility for herbal supplements at Barabanki, Lucknow, inaugurated in May 2025, is dedicated to strengthening our capabilities in Ayurvedic formulations, herbal extraction and nutraceutical development. This investment supports Organic India's long-term ambitions and our broad Health & Wellness agenda.
ACCELERATING INNOVATION BASED ON CONSUMER INSIGHTS
We launched 80 new products in FY 2026, anchored to key trends- health and wellness, convenience and premiumisation. With an Innovation to Sales ratio of 4.5%, we are unlocking innovation across our categories to power growth.
80
new products launched in FY 2026, anchored to key trends- health and wellness, convenience and premiumisation.
Our category-first introductions this year include: the Slim Care range with clinically validated L-Carnitine across tea, ready-to-drink and muesli formats, Ambient shelf stable Kombucha and Naan, Easy cook millet flours and Kabuli Channa, iron fortified and micro-nutrient fortified salt. Our consumer-first approach to innovation is designed to address evolving consumer needs through science-backed innovations.
Our five Health and Wellness platforms-gut health, metabolic health, protein delivery, sugar reduction and iron supplementation, now have product representation across multiple brands and categories within our portfolio. Looking ahead, we are evaluating emerging platforms and strengthening our research and claims substantiation capabilities to compete responsibly in these emerging spaces.
STRENGTHENING OUR DISTRIBUTION STRATEGY
Our sales and distribution infrastructure continues to evolve in line with our expanding portfolio. During the year, we undertook a calibration of our Go-to-Market (GTM) model to ensure more focus on our Growth businesses in Tea and Salt dominant markets. The nationwide rollout of the new GTM has been completed and will result in more focused, category specific attention and execution.
We expanded our super stockist network and strengthened rural last mile reach to deepen coverage across high potential clusters.
We recorded accelerated growth in alternate channels. E-commerce including Quick commerce continued to show strong growth and increasing salience, contributing 19% to revenue and growing at 62% in FY 2026.
INTERNATIONAL BUSINESS MAKING STEADY PROGRESS
Our international business recorded strong growth despite operating in a complex macro economic environment. Growth was primarily driven by strong performance in the USA, continued premiumisation in the UK, steady momentum in Canada and South Africa.
In the USA, Eight O’Clock coffee bags and K cups outperformed their respective categories. The brand continued to innovate with multiple new flavour launches in K cups. Teapigs continued to gain share in the fruit & herbals tea category. The UK focused on portfolio premiumisation across Tetley, Teapigs and Good Earth – strengthening brand equity in a competitive market. Teapigs activated an impactful campaign ‘Its tea in all its glory’ to increase awareness among younger consumers. In Canada, we continued to record strong momentum in specialty teas. Tetley Black tea enhanced sustainable packaging alongwith a refreshed marketing plan to strengthen performance.
NON BRANDED BUSINESS DELIVERING STRONG PERFORMANCE
The Solubles business delivered a record year despite continued volatility in coffee prices. Close customer collaboration and agile supply chain management helped optimise inventories and operational efficiency.
Capitalising on the strong momentum, we are scaling our manufacturing capacity in Vietnam. This expansion is a strategic commitment to building a more responsive and agile supply chain that can keep pace with our accelerating growth trajectory.
BUILDING AN AI-ENABLED, DATA-DRIVEN ENTERPRISE
We made significant progress in our digital transformation agenda. Integrated Business Planning has created a unified decision-making framework across the value chain, enabling greater alignment and agility.
We are leveraging AI to enable the next phase of digital transformation. We are embedding AI within the Sales Force Automation (SFA) platform resulting in better efficiency, and strengthened retailer engagement via a Retailer app. These deployments are showing positive impact, including a 30% reduction in daily salesforce travel time. Advanced analytics using satellite imagery and geo spatial Intelligence are helping us strengthen last mile reach in high potential micro markets. We are piloting - a two way, voice enabled AI companion for native Indic language field interactions, equipping sales teams with hyper personalised, outlet level selling guidance.
R&D Genie, our AI-enabled trend intelligence and innovation platform, is transforming the way we identify and validate new product concepts, enabling faster and more informed decision-making. We are also deploying AI-assisted formulation tools within R&D to enhance product development efficiency and advancing hyper-personalised marketing through GenAI-enabled content creation. Zara, our AI-powered enterprise assistant, is evolving into a productivity tool, supporting employees with faster access to information and streamlined workflows. We also launched an AI Academy to institutionalise AI literacy across the organisation, reflecting our conviction that the human-AI partnership is central to our competitive future.
Additionally, multiple initiatives were deployed spanning warehouse modernisation, simplification of workflows and sharpening sourcing strategy in order to build future readiness into our supply chain.
EMBEDDING SUSTAINABILITY ACROSS OUR BUSINESS
Our 'For Better Living' sustainability framework continues to guide decisions across sourcing, packaging, nutrition and community. This year we reduced plastic usage by approximately 1,700 MT through focused packaging innovation. Tata Salt's 1 kg pack was recognised at the CII Sustainable Plastic Packaging Awards for its recyclable design. Our improving ESG ratings reflect steady progress on environmental and social risk management across the value chain.
Our nutrition agenda continued to advance. We implemented product reformulations, expanded iron fortification initiatives and strengthened our focus on gut health. In addition to in house innovation, we collaborate closely with the CSIR laboratory network and leading institutions such as CFTRI, NIFTEM, IRRI and BHU to ensure our health and wellness claims are anchored in robust scientific research.
OUR PEOPLE – POWERING OUR GROWTH
Our achievements this year were possible because of the commitment and collective effort of our people who have embraced a growth mindset and executed with agility and ownership.
We made focused investments this year to strengthen capabilities across functions, ensuring our teams are equipped to meet the growing complexity and ambition of the business we are building. There has been a five-fold increase in training hours delivered for front line teams. We have also launched the AI Academy to institutionalise AI literacy.
We deepened our commitment to diversity, inclusion and employee well-being with multiple awareness sessions and engagement programmes conducted across the business. We are strengthening our talent pipeline with a significant number of critical roles filled by internal candidates. Cross functional movement is encouraged, this has strengthened adaptability and enabled more effective talent deployment. We continue to reinforce structured succession planning for critical roles to build leadership depth and continuity. The organisation today is more capable, more connected and better positioned for the next phase of growth.
LOOKING AHEAD
As we enter FY 2027, the fundamentals that support our growth trajectory remain strong. India's consumption story continues to evolve, supported by the rise of an aspirational middle class, increase in disposable income and the growing influence of Gen Z in driving consumption. These factors will continue to propel demand and create a long runway for growth in the FMCG category. At the same time, we will need to be mindful of the volatility in the global macro economic environment and be resilient and agile in responding to these shifts.
Key trends such as health & wellness, convenience and premiumisation continue to accelerate, creating meaningful opportunities for brands that can combine scientific credibility with brand trust and relevance. Digital commerce has emerged as a powerful new growth channel. The work done over the past few years - portfolio diversification, capability building, disciplined execution - has put us in a position of strength.
The task ahead is clear: build on these strengths by accelerating revenue growth, improving margins, expanding our reach and strengthening brand equity. We will continue building an organisation capable of sustained long-term value creation. We will do this with discipline, with purpose, and with the trust that our Board, shareholders, partners, consumers and employees have placed in us. I extend my sincere gratitude to all of them for their continued support.
Warm regards,
Sunil D'Souza
Managing Director & CEO
Tata Consumer Products Limited